"Budget 2021 seen raising import duties by 5%-10% on dozens of items"

19Jan,2021

"Budget 2021 seen raising import duties by 5%-10% on dozens of items"

On Monday a discussion took place with the three government. In which the discussion of hiking import duties for 50 items by 5%-10 % which include smartphone, electronic components, and appliances In the upcoming budget where discussed. The main motivate of this hike it to promote Prime Minister Narendra Modi's dream campaign 'self - reliant' for help and support domestic manufacturing. A report also states that his hike will bring a increase in the revenue of about Rs ₹200 billion - ₹210 billion from this move. Two government have stated that this move will affect companies like Ikea, Tesla which is planning to start it's operating in India this year. The official haven't still now stated the percentage of hike in electric vehicles , furniture. India finance ministry would be reviling the annual federal budget of 2021 most probably on Feb1.